[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2311 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2311

 To amend the Internal Revenue Code of 1986 to modify the tax rate for 
        excise tax on investment income of private foundations.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 23, 2011

  Mr. Paulsen (for himself and Mr. Davis of Illinois) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to modify the tax rate for 
        excise tax on investment income of private foundations.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. MODIFICATION OF THE TAX RATE FOR THE EXCISE TAX ON 
              INVESTMENT INCOME OF PRIVATE FOUNDATIONS.

    (a) In General.--Subsection (a) of section 4940 of the Internal 
Revenue Code of 1986 is amended by striking ``2 percent'' and inserting 
``1.39 percent''.
    (b) Elimination of Reduced Tax Where Foundation Meets Certain 
Distribution Requirements.--Section 4940 of the Internal Revenue Code 
of 1986 is amended by striking subsection (e).
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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